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Reports of the woes that beset law firms in 2013 are being superseded by growing evidence of a new spirit of optimism, says Ian Muirhead

2 May 2014

Research carried out in February among 170 solicitors in firms with an average of six or seven partners claimed to have identified a “successful new breed of entrepreneur”, suggesting
that smaller firms “may turn out to be the stars of the legal services revolution”. The ingredients of success, according to the interviewees, were “smarter use of technology, networking and marketing”.

Aside from using technology to
make basic legal documents available online, the more important application relates to collecting and using client data.

It is the ability to analyse data and “segment” clients by reference, for example, to their value to the firm, their buying habits, their age, wealth and location, which gives the new non-lawyer entrants to the legal market their...

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